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Azerbaijan's real estate market is experiencing steady growth, driven by factors such as a growing population, urbanization, and economic development. The market is expected to continue to grow in the coming years, with a projected compound annual growth rate (CAGR) of 9.87% from 2023 to 2028.
The Azerbaijani government is a major buyer of real estate products and services. In 2022, the government procured over $1 billion worth of real estate, with the majority of contracts being awarded to local companies.
The main real estate products and services procured by the Azerbaijani government include:
Construction of new buildings
Renovation of existing buildings
Purchase of land
Lease of office space
Facility management services
The top authorities for Azerbaijan real estate procurement are:
State Housing Agency
State Property Service
Ministry of Education
Ministry of Health
The top winners of Azerbaijan real estate procurement in 2022 were:
AzVirt
AzInshaat
Pasha Construction
Baku Engineering Company
Garant Group
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